GM Recalls Another 2.4 Million Cars

General Motors just announced it is recalling an additional 2.42
million vehicles as part of four separate recalls.

GM also said that it now expects to take a charge of
approximately $400 million the second quarter, which includes the
$200 million charge
the company announced last week as part of a separate
recall of 2.7 million cars.

On Friday,
GM was also handed its stiffest penalty yet from federal
regulators, with the National Highway Traffic Safety
Administration fining the company $35 million.

And according to CNBC's
Phil LeBeau, as of mid-May GM has designated $1.7 billion in
recall charges.

GM shares are down 1.4% to trade below $34 near noon.

From GM:

In a continuing effort to quickly address emerging safety issues,
General Motors announced today it is recalling about 2.42 million
vehicles in four separate U.S. recalls. The recalls are for:

1,339,355 Buick Enclave, Chevrolet Traverse, GMC Acadia
full-size crossovers from the 2009-2014 model years and Saturn
Outlooks from 2009-2010 because front safety lap belt cables can
fatigue and separate over time. In a crash, a separated cable
could increase the risk of injury to front seat passengers.

1,075,102 of the previous generation 4-speed automatic
transmission Chevrolet Malibu and from the 2004-2008 model years
and Pontiac G6 from the 2005-2008 model years because of a
shift cable that could wear out over time, resulting in
mismatches of the gear position indicated by the shift lever.

1,402 Cadillac Escalades and Escalade ESVs from the 2015
model year because an insufficiently heated plastic weld that
attaches the passenger side air bag to the instrument panel
assembly could result in a partial deployment of the air bag in
the event of a crash.

58 Chevrolet Silverado HD and GMC Sierra HD full-size pickups
from the 2015 model year because retention clips attaching the
generator fuse block to the vehicle body can become loose and
lead to a potential fire.